The advent of AI has changed the modus operandi of every sector. The healthcare sector is passing through important changes. AI covers a huge range, from hospital care to clinical research and drug development. The healthcare AI market will be almost $6.6 billion by 2021. As per the prediction of Accenture, AI application has the ability to ensure savings of $150 billion by 2026. But, self-diagnosis of disease through technology often misleads the patients. Online symptom checkers attract people, but the wide-ranging study of online symptom checkers conducted by Harvard Medical Systems revealed that the accuracy rate of online symptom checking is close to about 34 percent.
The growing interest for checking symptom has propelled the researchers to spare thought in this area. According to the American Life Project, 35 percent of American adults believe in the internet for self-diagnosis. Previously, a start-up, Babylon claimed, its AI-based platform has the efficiency like a doctor to diagnose a medical condition.
K Health, a provider of a symptom-checker app has raised a funding of $25 million from Series B round. The company is aimed at using this money to concretize their stamp in the telehealth market. This app is powered by AI and throws a series of questions to the patients about their symptoms and medical history. Answering these questions users can have a list of probable diagnoses. K Health's app, K has been downloaded by 500,000 users, and the rate was 10,000 to 15,000 new users every day. K Health has planned to make this platform available for consulting with doctors, and doctors will be able to treat a patient from distance.
The telemedicine market is extremely competitive which is expected to be of $29.6 billion by 2022. To have a hold on this market, K Health has to compete with giants like Doctor on Demand, HealthTap, Teladoc, and American Well. But, AI and the huge database of almost 2.25 million people are undoubtedly an advantage for K Health.
The U.S. healthcare market is extremely costly, and a gap always remains between infrastructure and expectation. As per WHO, there is one physician for every 1500 to 200 students. K Health is aimed at limiting this cost and providing better service through its advanced platform.